The securities division of The Manitoba Securities Commission protects investors and promotes fair and efficient capital markets throughout the province by conducting operations including registrations, processing of applications and prospectuses, preparing matters for the referral to the Commissioners and conducting investigations, prosecutions and other hearings.
This section explains how an issuer may become a reporting issuer (usually through a prospectus), a reporting issuer’s ongoing filing obligations (continuous disclosure), and the impact of a reporting issuer’s failure to file continuous disclosure (a cease trade order).
This section also explains how you can retrieve prospectuses, continuous disclosure reports, cease trade orders, and reporting issuer lists.
Under The Securities Act (Manitoba), anyone who intends to sell securities to the public must prepare a detailed disclosure document called a prospectus. Before the issuer can sell the securities, they must file the prospectus with the MSC for review (we will issue a receipt). MSC staff review prospectuses for full, true, and plain disclosure of information, as well as for compliance with securities legislation.
All public documents filed by reporting issuers are available on the SEDAR+.
Once an issuer begins selling securities to the public, the issuer must make continuous disclosure filings, such as:
- interim and annual financial statements
- interim and annual management discussion and analysis
- annual information forms
- Material Change Reports
- information circulars
The MSC reviews selected continuous disclosure filings for compliance with securities legislation.
All public documents filed by reporting issuers are available on the SEDAR+.
If a reporting issuer fails to make the required continuous disclosure filings, the MSC may issue a cease trade order that stops all trading of the reporting issuer’s securities. You can view all cease trade orders issued by a securities commission on the SEDAR+.